Here’s Why OMG Cryptocurrency Is Soaring
OMG! We couldn’t help but blurt out those three syllables as we watched OmiseGO cryptocurrency fly off the charts. Of course, there’s a punny ring to it because OMG also happens to be the symbol under which this crypto trades. We’ve finally managed to put our finger on at least five reasons why the OMG coin price has been surging.
But first, here’s a quick refresher on this cryptocurrency to answer questions like “What is OmiseGO?” and “What sets it apart from the plethora of other cryptocurrencies?”
Quite simply, OmiseGO is an Ethereum ICO, which means it is built with Ethereum’s blockchain technology and first raised money through an initial coin offering (ICO) last year. It is one of the projects that earned massive visibility as ICO investing gained popularity.
What makes OmiseGO different than most cryptos is its ideology. OmiseGO is aiming to bridge the gap between fiat currencies and their rival cryptocurrencies. This contrasts the basic principle over which Bitcoin and most other cryptocurrencies are built, which is to substitute fiat currencies with cryptos.
OmiseGO is building a decentralized software solution for businesses that will allow them to accept money from their customers in any form, be it fiat or crypto. This software development kit (SDK), called the “White-label Wallet SDK,” will be backed by OmiseGO’s decentralized exchange (DEX).
To give you an idea how this may work, assume you’re at a coffee shop in Thailand and have run out of cash. Now, say the vendor has signed up with OmiseGO for accepting payments. In that case, you may be able to use your smartphone to buy coffee by paying in any cryptocurrency.
On the back end, OmiseGO’s technology will process the payment via its decentralized exchange, where the crypto will be exchanged for fiat currency. On the front end, you’ll pay in cryptocurrency but the vendor will receive fiat currency.
The concept is promising, which is why crypto enthusiasts are ascribing high value to OmiseGO coin. Here are the five reasons that help explain why smart money is pouring into OMG cryptocurrency.
Chart courtesy of TradingView.com
Five Reasons Why OmiseGO OMG Cryptocurrency Is Making Waves
Firstly, the project has been rubber-stamped by revered community leaders. Ethereum founder Vitalik Buterin has called it one of his favorite cryptocurrencies. Here’s what he has to say about OMG token.
In fact, Buterin is one of the advisors to OmiseGO’s development team. Along with Buterin, Lightning Network founder Joseph Poon is another key personality vetting OMG’s development process.
Since these young men are held in high regard in the crypto world, it’s understandable why investors are lining up behind them.
Secondly, OmiseGO is a project undertaken by an existing payment processing company based in Thailand, which means the team is already on top of the money game.
OmiseGO’s holding company, Omise, is a PayPal-equivalent business active in Southeast Asia. The company has been processing peer-to-peer payments in fiat currency since 2013. The OmiseGO project is its take on cryptocurrencies.
Thirdly, OmiseGO is expected to be the first crypto to adopt the “Plasma” technology. Plasma is a solution jointly created by Vitalik Buterin and Joseph Poon to increase the scalability of blockchain.
What it simply means is that Plasma will increase the speed and lower the fees of blockchain-based cryptocurrencies by manifold. OmiseGO will adopt Plasma at its onset and will be able to process as many as one million transactions in a second. This will set a new precedence in the crypto world.
Fourthly, OmiseGO’s universal software development solution, the OmiseGO White-label Wallet SDK, will give us an interoperable technology. In layman’s terms, users may have to keep only one wallet and be able to digitally hold any form of money—fiat or crypto—in it.
And finally, OmiseGO has put an unconventional spin on the famous crypto slogan; “bank the unbanked.” OmiseGO is vying to “unbank the banked.” In other words, it’s not only targeting those without a bank account, but also those with a bank account. As I explained earlier, OmiseGO intends to create a universal platform catering to both fiat and crypto users that will bypass banks.
On a cursory look, OmiseGO seems like a promising venture. However, its price appears to be hyperinflating as investors hoard up OMG coins in anticipation of an explosive breakout.
Investors may want to wait for another dip, which could be just around the corner given how volatile crypto markets are. At the same time, we warn our readers to do their own research before jumping on this bandwagon.